Shares of Mandhana Industries rose 5 per cent to hit upper circuit on Friday after the company informed about a demerger of its retail business had been finalised with 'Being Human - The Salman Khan Foundation'.

After demerger, Mandhana Retail Ventures Limited (MRVL) will have exclusive licensee to market, distribute and sell the products under the Trade Mark of Brand "Being Human".

"In this regard, the Company is glad to inform that the Agreement has been finalized and the same has been executed with the Mandhana Retail Ventures Limited, the Resulting Company pursuant to the Scheme of Demerger of the Retail business of the Company, as approved by the High Court of Bombay", the company said in the filing.

"The Company further wishes to inform that on execution of new agreement with MRVL, the earlier agreement executed between the Company and the Foundation stands terminated," it further added.

Shares of Mandhana were seen trading at Rs 101.20, higher by 4.95 per cent on BSE at 11.45 pm IST. It touched an intra-day high of Rs 101.20 during trade.

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